Robinhood Markets Inc (HOOD) 2024 Q1 法說會逐字稿

Hello, and welcome to Robinhood First Quarter 2024 Earnings Conference Call. (Operator Instructions)

您好，歡迎參加 Robinhood 2024 年第一季財報電話會議。 （操作員說明）

I would now like to turn the call over to Chris Koegel, VP of Corporate FP&A and Investor Relations. You may begin.

我現在想將電話轉給企業 FP&A 和投資者關係副總裁 Chris Koegel。你可以開始了。

Thank you, Joanna, and thank you, everyone, for joining Robinhood's Q1 earnings call. With us today are CEO and Co-Founder, Vlad Tenev; and CFO, Jason Warnick. Before getting started, I want to remind you that today's call will contain forward-looking statements. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors that could cause differences, including regulatory developments that we continue to monitor are described in the press release we issued today, the earnings presentation and our SEC filings. All of which can be found at investors.robinhood.com. Today's discussion will also include non-GAAP financial measures. Reconciliations to the GAAP results, we consider most comparable, can be found in the earnings presentation.

謝謝喬安娜，也謝謝大家參加 Robinhood 的第一季財報電話會議。今天與我們在一起的有執行長兼聯合創始人 Vlad Tenev；和財務長傑森·沃尼克。在開始之前，我想提醒您，今天的電話會議將包含前瞻性陳述。實際結果可能與我們的預期有重大差異，除非法律要求，否則我們沒有義務提供更新。我們今天發布的新聞稿、收益報告和向 SEC 提交的文件中描述了可能導致差異的潛在風險因素，包括我們繼續監控的監管動態。所有這些都可以在 Investors.robinhood.com 上找到。今天的討論還將包括非公認會計準則財務指標。我們認為最具可比性的 GAAP 結果的調整可以在收益報告中找到。

With that, let me turn it over to Vlad.

那麼，讓我把它交給弗拉德。

Thanks, Chris. Hi, everyone. I, again, will keep my remarks short so that we can have plenty of time for questions. So just to remind everyone, Robinhood is focused on 3 things: number one, winning the active trader market; number two, increasing wallet share with our customers; and number three, expanding internationally. We believe the strategy is working, and it led to strong business outcomes in Q1.

謝謝，克里斯。大家好。我將再次簡短發言，以便我們有足夠的時間提問。所以提醒大家，Robinhood 專注於三件事：第一，贏得活躍交易者市場；第二，增加顧客的錢包份額；第三，國際擴張。我們相信該策略正在發揮作用，並在第一季帶來了強勁的業務成果。

First, retail trading market share. It continued to increase in Q1, and it was really bolstered by our product innovation. As a result, year-over-year notional trading volumes were up significantly across equities, options and crypto. Net deposits, they were a record $11.2 billion with strong diversity across brokerage, cash sweep and retirement. This translates to a 44% annualized organic growth rate and continues our multiyear track record of delivering 20% plus net deposit growth.

一是零售交易市場佔有率。第一季持續成長，這確實得益於我們的產品創新。因此，股票、選擇權和加密貨幣的名目交易量較去年同期大幅成長。淨存款達到創紀錄的 112 億美元，在經紀、現金掃蕩和退休方面具有很強的多樣性。這意味著年化有機成長率為 44%，並延續了我們多年來實現 20% 以上淨存款成長的記錄。

And customers are also moving their assets to Robinhood in record numbers. Q1 was the second quarter in a row, we had net asset inflows from every other major brokerage, totaling nearly $3 more than twice our Q4 level.

客戶也以創紀錄的數量將資產轉移到 Robinhood。第一季是連續第二個季度，我們有來自其他主要券商的淨資產流入，總計近 3 美元，是第四季水準的兩倍多。

I also wanted to highlight Gold subscribers. Customers are finding our Gold offerings compelling across high-yield cash, retirement, margin rates and now our Gold credit card. This led Gold subscribers to reach 1.7 million in Q1, higher than at any other point in our history.

我還想強調一下黃金訂閱者。客戶發現我們的黃金產品在高收益現金、退休金、保證金率以及現在的黃金信用卡方面都很有吸引力。這導致第一季黃金訂閱者達到 170 萬，高於我們歷史上的任何其他時期。

The 260,000 Gold subscribers we added in Q1 was the fastest in the past 3 years. It's also exciting to see that nearly 20% of new funded customers in Q1 subscribed to Gold, and that's more than double a year ago. Putting this all together with continued expense discipline led to record revenues up 40% year-over-year and record GAAP EPS of positive $0.18. Now what's even more exciting is that we continue to deliver amazing value to customers. And before I share more about what we're doing for our Gold customers, let's have Jason review our financial results.

我們在第一季新增 26 萬名黃金訂閱用戶，是過去 3 年來成長最快的。同樣令人興奮的是，第一季近 20% 的新融資客戶認購了黃金，這一數字是一年前的兩倍多。將這一切與持續的費用控制結合在一起，導致收入同比增長 40%，創歷史新高，公認會計原則每股收益 (GAAP EPS) 創紀錄，為 0.18 美元。現在更令人興奮的是我們繼續為客戶提供驚人的價值。在我詳細介紹我們為黃金級客戶所做的事情之前，讓 Jason 回顧一下我們的財務表現。

Thanks, Vlad. It's good to speak with everyone today. As a reminder, last year, we drove significant profitable growth with revenue up 37% and adjusted EBITDA margins expanding by 36 points. In 2024, we're focused on driving another year of profitable growth, and we had a strong Q1 with 40% year-over-year revenue growth and 14 points of margin expansion from a year ago. We also set records in Q1 for quarterly revenues, adjusted EBITDA, adjusted EBITDA margin, net income and GAAP EPS.

謝謝，弗拉德。今天很高興能和大家說話。提醒一下，去年我們實現了顯著的利潤成長，營收成長了 37%，調整後的 EBITDA 利潤率擴大了 36 個百分點。 2024 年，我們的重點是推動另一年的獲利成長，第一季業績強勁，營收年增 40%，利潤率較去年同期成長 14 個百分點。我們還在第一季創下了季度營收、調整後 EBITDA、調整後 EBITDA 利潤率、淨利潤和 GAAP 每股收益的記錄。

Looking more closely at our Q1 results compared to a year ago. Total net revenues grew 40% to $618 million, adjusted EBITDA more than doubled to $247 million, incremental margins were 75%, demonstrating the scalability of our cost structure, even while we increased marketing and growth investments. And adjusted EBITDA margins expanded by 14 points to 40%, as we make progress over time towards the 50%-plus levels we see from incumbents. All of this led to net income of $157 million or $0.18 of EPS. We're pleased with our results in Q1, and we aim to continue delivering profitable growth in 2024.

與一年前相比，更仔細地觀察我們第一季的業績。總淨收入成長了40%，達到6.18 億美元，調整後EBITDA 成長了一倍多，達到2.47 億美元，增量利潤率為75%，這證明了我們成本結構的可擴展性，即使我們增加了行銷和成長投資。調整後的 EBITDA 利潤率擴大了 14 個百分點，達到 40%，隨著時間的推移，我們在現有企業的 50% 以上水準上取得了進展。所有這些帶來了 1.57 億美元的淨利潤或 0.18 美元的每股收益。我們對第一季的業績感到滿意，我們的目標是在 2024 年繼續實現獲利成長。

Now let's move to our first quarter business results. Assets under custody finished Q1 at around -- at a record $130 billion, up 65% year-over-year. A key driver of that asset growth was strong Q1 net deposits of over $11 billion, which is more than double last year's quarterly average and translates to a 44% annualized growth rate. We're encouraged by the breadth and durability of Q1 net deposits. So let me share a little more color.

現在讓我們來看第一季的業績。第一季託管資產約 1,300 億美元，較去年同期成長 65%，創歷史新高。資產成長的一個關鍵驅動因素是第一季超過 110 億美元的強勁淨存款，是去年季度平均水準的兩倍多，相當於 44% 的年化成長率。第一季淨存款的廣度和持久性令我們感到鼓舞。所以讓我分享更多的顏色。

First, we saw strong participation from both existing and new customers with about 75% of net deposits coming from customers who've been at Robinhood for over a year. Second, we saw a nice mix of continued strong contributions from customers and wins versus brokerage incumbents. The mix was about 75% contributions from customers and 25% net wins from incumbents. And third, deposits into our platform were balanced across product categories. A little more than half of Q1 net deposits went to brokerage, another quarter went to cash sweep and the last 20% to retirement. So overall, we're really pleased with the diversity of net deposits as customers engage with us across our platform.

首先，我們看到現有客戶和新客戶的強烈參與，約 75% 的淨存款來自在 Robinhood 工作一年以上的客戶。其次，我們看到客戶持續做出的強勁貢獻以及與經紀公司的競爭優勢的完美組合。其中約 75% 的貢獻來自客戶，25% 的淨收益來自現有企業。第三，我們平台上的存款在不同產品類別之間是平衡的。第一季淨存款的一半多一點用於經紀業務，另外四分之一用於現金支付，最後 20% 用於退休。因此，總的來說，當客戶透過我們的平台與我們互動時，我們對淨存款的多樣性感到非常滿意。

Looking at Q2, so far, it's off to a good start as well, as April was our highest month of the year for net deposits with nearly $5 billion. And with our continued progress in early May, we already brought in more net deposits year-to-date than the $17 billion we did in all of 2023 with most of the year still in front of us. We're also delivering growth in Robinhood Gold. As a reminder of how Gold subscribers on average compare to our customers overall, in Q1, Gold subscribers had 8x -- with an average of over $40,000, grew net deposits roughly twice as fast and had 5x the retirement account adoption.

看看第二季度，到目前為止，也有了一個良好的開端，因為 4 月份是我們今年淨存款最高的月份，接近 50 億美元。隨著 5 月初的持續進展，我們今年迄今帶來的淨存款已經超過了 2023 年全年的 170 億美元，而今年的大部分時間仍然在我們面前。我們也實現了 Robinhood Gold 的成長。提醒大家，與我們的整體客戶相比，黃金級訂戶的平均水平如何，在第一季度，黃金級訂戶的平均存款額增加了8 倍（平均超過40,000 美元），淨存款增長速度大約是原來的兩倍，退休帳戶採用率是原來的5 倍。

Gold ARPU is also multiples of our average customer, which includes annualized recurring subscription revenue approaching $100 million. And in Q1, we grew Gold subscribers to 1.7 million, up 42% or 500,000 from last year. This momentum has continued into Q2, as we added another 140,000 Gold subscribers in April, more than half of our Q1 growth.

黃金 ARPU 也是我們平均客戶數的倍數，其中年化經常性訂閱收入接近 1 億美元。第一季度，我們的黃金級訂閱用戶數量增至 170 萬，比去年增長 42%，即 50 萬。這種勢頭一直持續到第二季​​度，我們在 4 月又增加了 14 萬名黃金訂戶，超過第一季成長的一半。

Let's now turn to our financial results. In the first quarter, we generated net income of $157 million, up 5x sequentially as we grew revenues and stayed disciplined on expenses. Looking at Q1 revenues. Transaction-based revenues increased sequentially across equities, options and crypto. And net interest revenues grew as a result of higher balances and securities lending activity. So far in Q2, we've continued to see robust trading. In April, equity notional volumes were about $70 billion. Options contracts were a monthly record of roughly $125 million and crypto notional volumes were around $10 billion.

現在讓我們來看看我們的財務表現。第一季度，我們實現了 1.57 億美元的淨利潤，隨著收入的增長和支出的嚴格控制，環比增長了 5 倍。看看第一季的營收。股票、選擇權和加密貨幣領域基於交易的收入連續成長。由於餘額增加和證券借貸活動增加，淨利息收入有所增長。第二季到目前為止，我們繼續看到強勁的交易。 4 月份，股票名目交易量約為 700 億美元。選擇權合約月度創紀錄地約為 1.25 億美元，加密貨幣名目交易量約 100 億美元。

Now let's turn to first quarter expenses. Combined adjusted OpEx in SBC was $460 million in Q1 as we stayed disciplined on expenses even as we increased investments in marketing and growth. Looking ahead, while the year is off to a strong start, we know it's important to stay disciplined on expenses. So our full year adjusted OpEx and SBC outlook is unchanged in the range of $1.85 billion to $1.95 billion.

現在讓我們來看看第一季的支出。第一季 SBC 的綜合調整後營運支出為 4.6 億美元，因為我們在增加行銷和成長投資的同時仍然嚴格控制支出。展望未來，雖然今年有一個好的開局，但我們知道保持開支紀律很重要。因此，我們調整後的全年營運支出和 SBC 前景保持在 18.5 億美元至 19.5 億美元之間。

Before I pass the call back to Vlad, I want to share some perspectives about our opportunity to drive profitable growth in 2024 and the years to come by growing revenues and expanding margins. First, we believe we can continue our multiyear track record of delivering 20% plus net deposit growth rates, supported by a young customer base gaining share of global wealth, share gains in existing markets, and expansion into new markets and product categories that give us more opportunity for growth.

在將電話轉回給 Vlad 之前，我想分享一些關於我們透過增加收入和擴大利潤來推動 2024 年及未來幾年獲利成長的機會的觀點。首先，我們相信，在年輕客戶群獲得全球財富份額、現有市場份額增長以及向新市場和產品類別的擴張的支持下，我們可以繼續實現 20% 以上的淨存款增長率的多年記錄。的成長機會。

Second, as customer assets grow over time, we believe this will drive strong revenue growth as well. We're naturally hedged between interest rates and trading, and we continue to diversify our business as we introduce new products and enter new markets.

其次，隨著客戶資產隨著時間的推移而成長，我們相信這也將推動營收的強勁成長。我們自然地在利率和交易之間進行對沖，並且隨著我們推出新產品和進入新市場，我們繼續實現業務多元化。

And third, we're a technology company and have a highly scalable platform with about 90% fixed costs. So as our revenues increase, we believe we can drive significant margin expansion and free cash flow.

第三，我們是一家科技公司，擁有一個高度可擴展的平台，大約 90% 的固定成本。因此，隨著我們收入的增加，我們相信我們可以推動利潤率和自由現金流的大幅擴張。

In closing, we had a strong Q1, and we have a lot of momentum to start the second quarter. We remain focused on driving profitable growth for shareholders as we work to maximize EPS and free cash flow per share in 2024 and the years to come.

最後，我們的第一季表現強勁，我們有很大的動力來開始第二季。我們仍專注於推動股東獲利成長，努力在 2024 年及未來幾年實現每股收益和自由現金流最大化。

Now I'll turn the call back to Vlad.

現在我將把電話轉回弗拉德。

Thanks, Jason. As I said earlier, the second part of our strategy is increasing wallet share with customers, including growing Robinhood Gold subscriptions, which hit an all-time high of 1.7 million in Q1. In March, we held Robinhood's first-ever keynote event to introduce even more value that we're providing Gold customers, including an all-new customizable app experience, a 1% unlimited deposit boost for Gold customers that's launching soon and a brand-new Robinhood Gold credit card with 3% back on all purchases. We're seeing lots of commentary about how amazing of a deal Gold is, and where happy customers are recognizing that and starting to spread the word. Over 1 million people have signed up for the Gold Card waitlist, only half of which are Gold subscribers today. So we believe we can substantially grow Gold adoption as we roll out the card.

謝謝，傑森。正如我之前所說，我們策略的第二部分是增加客戶的錢包份額，包括增加 Robinhood Gold 訂閱量，該訂閱量在第一季創下 170 萬的歷史新高。 3 月份，我們舉辦了 Robinhood 的首次主題演講活動，介紹我們為黃金級客戶提供的更多價值，包括全新的可自訂應用程式體驗、即將推出的為黃金級客戶提供 1% 無限存款提成以及全新的Robinhood Gold 信用卡，所有購買均可享有3% 的回饋金。我們看到很多關於黃金交易有多麼神奇的評論，以及滿意的客戶認識到這一點並開始傳播這一消息。已有超過 100 萬人註冊加入金卡候補名單，目前只有一半是金卡訂戶。因此，我們相信，隨著我們推出該卡，我們可以大幅提高黃金卡的採用率。

We love seeing the progress we're making, attracting, retaining and expanding Gold customer relationships on the journey to be the most trusted, lowest cost and most culturally relevant money app worldwide. I want to thank our customers for continuing to trust and advocate for the platform as we make progress on our mission to democratize finance for all. The business is in a great position because of you, and we're just getting started. And you should know our team has been working incredibly hard to deliver even more value to you. The road map is full. There's so much to do.

我們很高興看到我們在成為全球最值得信賴、成本最低和與文化最相關的貨幣應用程式的過程中所取得的進展、吸引、保留和擴大黃金級客戶關係。我要感謝我們的客戶在我們實現全民金融民主化的使命中取得進展時繼續信任和支持該平台。由於您的幫助，我們的業務處於有利地位，而我們才剛剛開始。您應該知道我們的團隊一直在非常努力地為您提供更多價值。路線圖已滿。有很多事情要做。

And now let's move on to questions.

現在讓我們繼續提問。

All right. Thank you, Vlad. For the Q&A session, we'll start by answering the top few shareholder questions from Say Technologies ranked by a number of votes. We passed over questions that we had already addressed on this call or in prior quarters and group together questions that share a common theme. After the Say questions, we'll turn to live questions from our analysts. So I'll kick it off with our first question from Say. Alexander M. asks what impact will the SEC Wells notice have on the business? Jason, do you want to start on that one?

好的。謝謝你，弗拉德。在問答環節，我們將先回答 Say Technologies 的前幾名股東問題（以票數排名）。我們忽略了在本次電話會議或之前幾季中已經解決過的問題，並將具有共同主題的問題組合在一起。在說問題之後，我們將轉向分析師的現場提問。我將從薩伊提出的第一個問題開始。 Alexander M. 詢問 SEC Wells 的通知會對公司業務產生什麼影響？傑森，你想從那個開始嗎？

Yes. I'll maybe start and then Vlad can add some thoughts. First, for our customers, your accounts are not affected by this. It's business as usual for Robinhood Crypto. We're, of course, disappointed to have received the notice. As you know, we've operated our crypto business in good faith. We've been very conservative in our approach in terms of coins listed and services offered. And we're a highly regulated company and have applied the same legal and compliance standards we use for our brokerage to the way we run our crypto business. So it's disappointing to see more regulation by enforcement here. Vlad?

是的。也許我會開始，然後弗拉德可以添加一些想法。首先，對於我們的客戶來說，您的帳戶不受此影響。 Robinhood Crypto 一切如常。當然，我們對收到通知感到失望。如您所知，我們真誠地經營我們的加密業務。我們在列出的代幣和提供的服務方面一直非常保守。我們是一家受到嚴格監管的公司，並將我們用於經紀業務的相同法律和合規標準應用於我們經營加密業務的方式。因此，看到更多的執法監管令人失望。弗拉德？

Yes. I mean, echoing Jason, this is a disappointing development. We firmly believe U.S. consumers should have access to this asset class. They deserve to be on equal footing with people all over the world. And at the end of the day, we're going to defend the firm and continue to advocate for our customers.

是的。我的意思是，正如傑森所說，這是一個令人失望的發展。我們堅信美國消費者應該能夠獲得這個資產類別。他們應該與世界各地的人們處於平等的地位。最終，我們將捍衛公司並繼續為我們的客戶辯護。

The next question is from Joseph C. who asks when are the new credit cards getting fully released? It seems that many are still on the waiting list. Vlad, do you want to start that one?

下一個問題來自 Joseph C.，他問新信用卡何時全面發布？看來很多人仍在等待名單上。弗拉德，你想開始那個嗎？

Yes. Yes, I'll take that one. Thanks for the question. First of all, we're really excited about the Gold Card and the value that we're going to be providing to customers. We've seen a ton of demand, I mentioned earlier, over 1 million customers have signed up for the waitlist so far and the products looking great. You might have noticed we've dropped the credit card app on the App Store, and we've rolled it out to the first customers outside of the company.

是的。是的，我會接受那個。謝謝你的提問。首先，我們對金卡以及我們將為客戶提供的價值感到非常興奮。我之前提到過，我們已經看到了大量的需求，到目前為止，已有超過 100 萬名客戶註冊了候補名單，而且產品看起來很棒。您可能已經注意到，我們已將信用卡應用程式下架到 App Store，並已將其推出給公司外部的第一批客戶。

As we think about this rollout, we really want to balance the desire to get the card to customers as quickly as we can with making sure that we're managing risk to the capital well as we enter a new market for us. So we're starting with an initial group in the tens of thousands of customers over the next few weeks. And then we're going to observe them carefully, look at the data, watch the spending activity and the borrowing activity. And we're going to use that information to inform the broader rollout of the card. We really want to make sure that we're being very, very prudent as we do this rollout since this is a new business line for the company.

當我們考慮這次推出時，我們確實希望在盡快向客戶提供該卡的願望與確保我們在進入新市場時能夠很好地管理資本風險之間取得平衡。因此，我們將在接下來的幾週內從數以萬計的客戶組成的初始群體開始。然後我們將仔細觀察它們，查看數據，觀察支出活動和借貸活動。我們將利用這些資訊來更廣泛地推廣該卡。我們確實希望確保在推出此產品時非常非常謹慎，因為這是該公司的新業務線。

Thank you, Vlad. And then the third question from Say, is from Daniel R., who asks, 24-hour market was halted. How can we trust that the platform -- when markets become volatile, what steps are being implemented to handle future volatility?

謝謝你，弗拉德。 Say 的第三個問題是 Daniel R. 提出的，他問，24 小時市場停了。我們如何相信該平台—當市場波動時，正在採取哪些措施來應對未來的波動？

First, it's really been awesome to see how much interest there is in our 24-hour market offering. Over $10 billion in volumes have transacted in the overnight session since it launched a year ago, and we now offer overnight trading in over 900 names. And really, this is one of the core differentiators of Robinhood. You don't find this type of offering elsewhere easily.

首先，看到大家對我們的 24 小時市場產品如此感興趣，真是太棒了。自一年前推出以來，隔夜交易時段的交易量已超過 100 億美元，我們現在提供 900 多個品種的隔夜交易。事實上，這是 Robinhood 的核心差異之一。您在其他地方很難找到這種類型的產品。

As for why trading was effected, so in order to facilitate these trades, we route to a third-party ATS. The ATS we use went down for the evening. This affected us, but also other firms that route to it. But the ATS was able to support trading again in a handful of hours. Looking ahead, we're really on the frontier with this offering. But as we continue to invest in it, the offering will improve over time, and it will get more resilient. So believe us when we say that we're committed to making sure this offering is reliable and more feature-rich going forward.

至於為什麼會發生交易，所以為了方便這些交易，我們路由到了第三方ATS。我們使用的 ATS 晚上出現故障。這影響了我們，也影響了其他尋求它的公司。但 ATS 能夠在幾個小時內再次支援交易。展望未來，我們確實處於這項產品的前沿。但隨著我們繼續對其進行投資，該產品將隨著時間的推移而改進，並將變得更具彈性。因此，請相信我們，我們致力於確保該產品未來可靠且功能更加豐富。

All right. Thank you, Vlad. That concludes our shareholder questions from Say Technologies. We appreciate our shareholders taking the time to ask these questions to Vlad and Jason, and look forward to more next quarter. Now I'll turn the call over to Joanna, to lead Q&A from analysts.

好的。謝謝你，弗拉德。 Say Technologies 向股東提出的問題到此結束。我們感謝我們的股東花時間向 Vlad 和 Jason 提出這些問題，並期待下個季度有更多問題。現在我將把電話轉給喬安娜，由她主持分析師的問答。

(Operator Instructions) Our first question comes from the line of Devin Ryan with Citizens JMP.

（操作員說明）我們的第一個問題來自 Devin Ryan 和 Citizens JMP 的線路。

I want to ask a question on the growth in new deposits. I mean just really impressive momentum there and good to hear second quarter is accelerating further. And it feels like you're just scratching the surface on Gold adoption, I think a lot as you talked about. And I also think the offering really stands out in the market. So with that said, I heard Jason's comments on better ARPU for Gold customers. But is it possible to kind of simplistically unpack the economics you're expecting on new deposits coming in to a Gold connected account under these new promotions relative to deposits that aren't or even kind of like revenue per asset under kind of the model prior to these promotions? I'm just trying to think about the economics (inaudible) dollars coming in because it seems like you're seeing a real nice acceleration there.

我想問一個關於新增存款成長的問題。我的意思是，那裡的勢頭確實令人印象深刻，很高興聽到第二季正在進一步加速。感覺您只是觸及了黃金採用的皮毛，我想您談到了很多內容。我還認為該產品在市場上確實脫穎而出。話雖如此，我聽到 Jason 關於為黃金級客戶提供更好的 ARPU 的評論。但是，是否有可能簡單地解釋一下您對這些新促銷活動下進入黃金關聯帳戶的新存款的經濟預期，相對於之前模型下的每項資產收入不是甚至有點類似的存款參加這些促銷活動？我只是想考慮一下經濟（聽不清楚）的收入，因為你似乎看到了真正的良好加速。

Yes. Thanks, Devin. It's Jason. I'll go ahead and take that. So in short, we love the economics of the match promotions that we've been running. I think I said last quarter that the payback on the 1% match is a little under a year. And on the 3% match, it's between 2 and 3 years. And we're watching that closely, kind of on a monthly cohort basis with our customers. We're seeing the 2023 cohorts already paying off, and 2024 is off to a great start. We mentioned on our prepared remarks, too, that the strength in that deposit, 44% annualized growth rate, is really well diversified between customers that have been at the company for -- have been at Robinhood for over a year, representing 75% of those net deposits. And we're also seeing that 75% kind of a different way are unrelated to the promotion. So really strong promotion response, but it's only a small part of the strength of the overall deposits for the quarter.

是的。謝謝，德文。是傑森。我會繼續接受它。簡而言之，我們喜歡我們一直在進行的比賽促銷活動的經濟效益。我想我在上個季度說過，1% 匹配的投資回收期不到一年。對於 3% 的匹配，則為 2 到 3 年。我們正在每月與客戶密切關注這一情況。我們看到 2023 年的努力已經獲得回報，2024 年也有了一個好的開始。我們在準備好的發言中也提到，該存款的實力（44% 的年化成長率）在已經在公司工作一年多的客戶之間確實實現了很好的多元化，占到了Robinhood 的75 %。我們也發現 75% 的不同方式與促銷無關。促銷反應非常強烈，但這只是本季整體存款實力的一小部分。

Our next question comes from the line of Dan Dolev, Mizuho.

我們的下一個問題來自丹·多列夫（Dan Dolev），瑞穗（Mizuho）。

Great results out there, really, really nice. Of course. Yes. So you mentioned some really strong numbers in April, really strong momentum. Can you maybe elaborate a little more regarding the momentum that you're seeing heading into the second quarter? So any color and additional views on the momentum would be greatly appreciated.

那裡的結果非常好，真的非常好。當然。是的。所以你提到了四月份一些非常強勁的數字，非常強勁的勢頭。您能否詳細說明一下您看到的進入第二季度的勢頭？因此，任何關於勢頭的顏色和額外觀點將不勝感激。

Yes, absolutely, Dan. I mean -- so we're seeing strong trading across equities, options and crypto continuing into the next quarter. We're seeing strength kind of across the business as well in terms of new Gold subscribers. We mentioned and you mentioned the strength in net deposits, nearly $5 billion. So we're really seeing great diversity of the strength. Retirement assets are now crossing over $7 billion, which is just remarkable growth and we love to see our customers saving for the long term with us. We're going to share our metrics, I think, next week on the month of April and so you get a fuller picture there. But it's really across the board, whether it's sec lending or trading or net deposits.

是的，絕對是，丹。我的意思是，我們看到股票、選擇權和加密貨幣的強勁交易持續到下個季度。我們看到整個業務以及新的黃金訂戶都表現強勁。我們提到過，您也提到淨存款的強勁勢頭，接近 50 億美元。所以我們確實看到了力量的巨大多樣性。退休資產現已超過 70 億美元，這是一個顯著的成長，我們很高興看到我們的客戶與我們一起進行長期儲蓄。我想，我們將在下週四月份分享我們的指標，這樣您就可以更全面地了解情況。但它確實是全面的，無論是證券借貸還是交易或淨存款。

Yes. And I would just add, we're, of course, excited about the Q1 performance and the start to Q2. Well, I think we have some medium- and longer-term tailwinds to the business. The Gold benefits that we announced in March, including the 1% deposit match, which really has resonated quite strongly with customers based on early feedback has yet to launch. We're entering a new product category with the credit card. And we've also been working on our futures and WebPro product for active traders. And we here get an early look at the products that we're building, and the teams have been working incredibly hard to make what we believe are incredibly polished products that we're very excited about. So I think we tend to get excited about things on a quarterly basis, but we're running this business for the long term. And I think that you'll see a lot more from us.

是的。我想補充一點，我們當然對第一季的表現和第二季的開始感到興奮。嗯，我認為我們的業務有一些中長期的推動力。我們在 3 月宣布的黃金福利，包括 1% 的存款匹配，根據早期反饋，確實引起了客戶的強烈共鳴，但尚未推出。我們正在透過信用卡進入一個新的產品類別。我們也一直致力於為活躍交易者開發期貨和 WebPro 產品。我們在這裡可以提前了解我們正在建立的產品，團隊一直在非常努力地工作，以製造我們認為非常精美的產品，我們對此感到非常興奮。因此，我認為我們往往會對每季的事情感到興奮，但我們正在長期經營這項業務。我認為您會從我們身上看到更多。

Our next question comes from the line of Steven Chubak with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steven Chubak。

Yes. So I wanted to start off with a question just on the incremental margin ex SBC coming in at 75%, certainly a good outcome. As we think about the incremental profitability as the business scales, is that 75% bogey a reasonable expectation for investors to underwrite? And just trying to gauge whether there's room for even further operating leverage or upside given the marketing spend was actually relatively elevated in the quarter as well?

是的。因此，我想先提出一個關於 SBC 之外的增量利潤率為 75% 的問題，這當然是一個很好的結果。當我們考慮隨著業務規模擴大而增加的獲利能力時，75% 的回報率是投資者承保的合理預期嗎？鑑於本季行銷支出實際上也相對較高，只是試圖衡量是否還有進一步營運槓桿或上行空間？

Yes. Thanks for the question. So we're not providing guidance necessarily on incremental margins. What I'd tell you is, as I've said in previous sessions that about 90% of our cost structure is fixed. Meaning that 10% of our costs kind of are variable relative to the activity of our platform. So that gives us a lot of opportunity to drop incremental revenue to the bottom line. You're seeing us this year make a really big step-up in marketing, about $100 million year-over-year as our plan to spend in marketing versus last year. And as Vlad was touching on in the last question, we're making a lot of investments and not sitting still. And we -- even with all this step-up in marketing and investments for growth, we're delivering incremental margins at 75%. So we feel really good about that. We're going to continue to watch our costs, excited to see revenue per employee crossed over $1 million. I think that there's a lot of opportunity to expand margins going forward.

是的。謝謝你的提問。因此，我們不一定提供有關增量利潤的指導。我要告訴你的是，正如我在先前的會議中所說，我們大約 90% 的成本結構是固定的。這意味著我們 10% 的成本相對於我們平台的活動是可變的。因此，這給了我們很多機會將增量收入降至底線。你會看到我們今年在行銷方面取得了很大的進步，與去年相比，我們在行銷方面的支出計畫比去年同期增加了約 1 億美元。正如弗拉德在最後一個問題中談到的那樣，我們正在進行大量投資，並且不會坐以待斃。即使我們加大了行銷和投資以促進成長，我們仍能實現 75% 的增量利潤。所以我們對此感覺非常好。我們將繼續關注我們的成本，很高興看到每位員工的收入超過 100 萬美元。我認為未來有許多擴大利潤的機會。

Our next question comes from the line of Kyle Voigt with KBW.

我們的下一個問題來自 KBW 的 Kyle Voigt。

Maybe just a question on the Gold Card. Obviously, the offering is very compelling and great to see the demand with the waitlist at over 1 million users already. But just wondering if you could expand upon the expected economics a bit. You've noted the $300 ARPU previously, but that was for X1 with a relatively small subset of users that you ultimately ramp to with this offering. And just given how attractive the card might be for some more transactor types and those don't carry a balance, are you still confident in your ability to profitably monetize a broad range of potential new clients?

也許只是關於金卡的問題。顯然，該產品非常引人注目，並且很高興看到等待名單上的用戶已經超過 100 萬。但只是想知道你是否可以稍微擴展一下預期的經濟效益。您之前已經注意到 300 美元的 ARPU，但那是針對 X1 的，您最終透過此產品吸引了相對較小的用戶子集。考慮到該卡對於更多交易者類型和沒有餘額的交易者類型可能具有多大吸引力，您仍然對自己透過廣泛的潛在新客戶獲利的能力充滿信心嗎？

And then if I just add a second part to that question, can you give us any flavor on what you might expect on the transaction revenue side for the offering specifically? I'm assuming maybe some level of headwind after netting out interchange and rewards, but wondering if you can kind of frame that.

然後，如果我在這個問題上添加第二部分，您能給我們介紹一下您對該產品的交易收入方面的具體預期嗎？我假設在扣除交換和獎勵後可能會出現某種程度的逆風，但想知道您是否可以對此進行框架。

Yes, you bet. Thanks, Kyle, for the question. It's Jason. I'll go ahead and take that. The first point I'd make on the credit card is that we think it's really strategically aligned with our vision that we want to serve all of our customers' assets and process all of their financial transactions. And having a great value credit card, I think, is really fundamental to that vision. That said, we need to do this in a prudent way and in a way that makes sense economically for the company. And on that point, I think that we've got a few things that are going to benefit us.

是的，你敢打賭。謝謝凱爾提出的問題。是傑森。我會繼續接受它。關於信用卡，我要說的第一點是，我們認為它在策略上確實符合我們的願景，即我們希望為所有客戶的資產提供服務並處理他們的所有金融交易。我認為，擁有一張超值信用卡對於實現這個願景至關重要。也就是說，我們需要以謹慎且對公司經濟有意義的方式來做到這一點。在這一點上，我認為我們有一些對我們有利的事情。

First of all, we're going to be able to leverage our scale. We're seeing that already play out with a low CAC. We have over 1 million customers on the waitlist with essentially no marketing dollars against that. And when you look at competitors, they're spending several hundred dollars, perhaps $500 per customer to acquire a customer. And so we really love the low CAC opportunity to -- that leverages our platform. We're also able versus X1 to get even better economics. And for example, cost of funds, we've already been able to improve by over 300 basis points because of our strong balance sheet and because of our strength in the financial results. And so those are a couple of areas that I'd point out.

首先，我們將能夠利用我們的規模。我們看到這種情況已經在 CAC 較低的情況下發生了。我們有超過 100 萬客戶在等待名單上，基本上沒有行銷費用。當你觀察競爭對手時，他們會花費數百美元，甚至每位客戶 500 美元來獲取客戶。因此，我們真的很喜歡利用我們平台的低 CAC 機會。與 X1 相比，我們也能夠獲得更好的經濟效益。例如，由於我們強大的資產負債表和財務表現的實力，我們已經能夠改善 300 個基點以上的資金成本。這些是我要指出的幾個領域。

And then thirdly, I'd say that we have an opportunity to benefit because of our deeper relationship with customers. It's going to help us understand better the customers that we are underwriting and make better decisions, and over time, have an opportunity to offer collateralized cards, which would also help with our economics.

第三，我想說，由於我們與客戶的關係更加深厚，我們有機會受益。它將幫助我們更好地了解我們所承保的客戶並做出更好的決策，並且隨著時間的推移，我們有機會提供抵押卡，這也將有助於我們的經濟效益。

As Vlad -- I'll just finish with, as Vlad pointed out, we're going to be really careful and prudent here. We're rolling it out to tens of thousands of customers, and we're going to take months to look at how our customers are responding, how they're using the card, their borrowing and repayment activity, and we're going to use that to inform our broader rollout. And the last point I would make is 2/3 of our customers are prime or higher in terms of credit rating. And so we do have a high-quality customer base. And so together with the prudent rollout and the high-quality customers and benefiting from our scale and our deeper relationships with customers, we think we can land a good economic outcome for Robinhood.

正如弗拉德——我最後想說的是，正如弗拉德指出的那樣，我們在這裡將非常小心和謹慎。我們正在向數以萬計的客戶推出它，我們將花幾個月的時間來了解客戶的反應、他們如何使用該卡、他們的借貸和還款活動，我們將用它來為我們更廣泛的推廣提供資訊。我要說的最後一點是，我們 2/3 的客戶的信用評級為優質或更高。所以我們確實擁有高品質的客戶群。因此，加上謹慎的推出和高品質的客戶，並受益於我們的規模和與客戶的更深層次的關係，我們認為我們可以為 Robinhood 帶來良好的經濟成果。

Our next question comes from the line of Mike Cyprys with Morgan Stanley.

我們的下一個問題來自摩根士丹利的邁克·賽普里斯 (Mike Cyprys)。

Just wanted to ask about capital allocation. Hoping you could update us just around your latest thoughts there with $5 billion of balance sheet cash investments. Just curious how you're thinking about the appetite for dividends, buybacks, M&A., where M&A could be most additive at this point given you just added on the card platform side? And then just on a minute, maybe just remind us of your hurdle rates and criteria there.

只是想問一下資金分配的問題。希望您能向我們介紹您對 50 億美元資產負債表現金投資的最新想法。只是好奇您如何看待股息、回購、併購的需求，考慮到您剛剛在卡平台方面添加，此時併購可能是最具附加性的？然後請稍等一下，也許只是提醒我們您的最低門檻率和標準。

Yes. Thanks, Mike. We love the strong balance sheet, over $5 billion of corporate cash. Three ways to use the capital to the benefit of shareholders. One is just investing in our business for organic growth, and you're seeing us do that with the incremental investments for growth, including the $100 million step-up in marketing this year. The second is M&A. You've seen us recently acquire X1. We have a very active corp dev team, and we're looking at several opportunities there that can either augment our team, the talent of our team or accelerate our product road map. And nothing to announce, but the team is certainly active. And then the last category is returning capital to shareholders. You saw us do that last year in the third quarter, about $600 million to purchase 5% of our outstanding shares. And so we're deploying capital kind of across all 3.

是的。謝謝，麥克。我們喜歡強勁的資產負債表和超過 50 億美元的企業現金。使用資本為股東謀取利益的三種方式。一是投資我們的業務以實現有機成長，您會看到我們透過增量投資來實現成長，包括今年在行銷方面增加的 1 億美元。二是併購。您已經看到我們最近收購了 X1。我們有一個非常活躍的公司開發團隊，我們正在尋找一些機會，這些機會可以增強我們的團隊、我們團隊的人才或加速我們的產品路線圖。雖然沒有什麼可宣布的，但該團隊確實很活躍。最後一類是向股東返還資本。你看到我們去年第三季就這麼做了，斥資約 6 億美元買下了我們 5% 的流通股。因此，我們正在這三個方面部署資本。

In terms of hurdle rates, you'd expect us to use our cost of capital at least, and we're mindful of that. And nothing further to update you now on capital allocation. It's something that we're kind of constantly looking at.

就最低資本回報率而言，您預計我們至少會利用我們的資本成本，我們會注意到這一點。現在沒有更多關於資本配置的更新資訊。這是我們一直在關注的事情。

Our next question comes from the line of John Todaro with Needham & Company.

我們的下一個問題來自李約瑟公司的約翰·托達羅。

Great results here. I guess just trying to understand the crypto side of the business post the Wells notice and just kind of get a little bit more color on where you're thinking at. And I guess, in particular, if you look at it and you go, hey, we're kind of almost being treated the same way as Coinbase, does it start to make sense where you look at more broader listings because you guys have been fairly conservative on that front? Or is that not really a fair way to think about it?

這裡的結果很好。我想只是想在威爾斯通知發布後嘗試了解該業務的加密方面，並且只是對您的想法有更多的了解。我想，特別是，如果你看看它，然後你會說，嘿，我們幾乎受到了與 Coinbase 相同的待遇，當你看到更廣泛的清單時，它開始有意義嗎，因為你們一直在這方面相當保守？或者這真的不是一個公平的思考方式嗎？

Yes. I think you're right in that, we've been extremely selective about the assets that we offer on the platform. I mentioned in the prepared remarks that we have seen increases in volumes and in market share on the crypto side. I think for a long time, we were offering customers great pricing on purchasing crypto assets, but we weren't doing a great job of communicating it. And now we are communicating it through the user interface and through all sorts of marketing services. And I think customers are starting to pick up on that fact. You're seeing we've talked about more on social media just how great of a deal we're getting on crypto transactions.

是的。我認為你是對的，我們對平台上提供的資產非常挑剔。我在準備好的發言中提到，我們已經看到加密貨幣方面的交易量和市場份額增加。我認為很長一段時間以來，我們為客戶提供了購買加密資產的優惠價格，但我們在溝通方面做得併不好。現在我們透過使用者介面和各種行銷服務來傳達它。我認為客戶已經開始意識到這一事實。您會看到我們在社交媒體上更多地討論了我們在加密貨幣交易方面獲得的優惠。

And we're expanding in the EU, where we, again, believe that we can provide great service and great offerings to customers. So the crypto team has been working tremendously hard. The road map there is quite [bold]. There's a lot to do to make the products experience better for customers.

我們正在歐盟擴張，我們再次相信我們可以為客戶提供優質的服務和產品。因此，加密貨幣團隊一直在非常努力地工作。那裡的路線圖相當[粗體]。為了讓客戶獲得更好的產品體驗，還有很多工作要做。

And I would just add that we've been incredibly selective in the coins that we've listed and are confident that the coin selection does not include any other securities, and we continue to apply that high standard on anything that we would list on our platform.

我想補充一點，我們對我們列出的代幣進行了令人難以置信的選擇性，並且有信心選擇的代幣不包括任何其他證券，並且我們將繼續對我們將在我們的網站上列出的任何代幣應用這一高標準。

Our next question comes from the line of Brian Bedell with Deutsche Bank.

我們的下一個問題來自德意志銀行的布萊恩‧比德爾 (Brian Bedell)。

Maybe just staying on the crypto theme, maybe for Jason, if you can talk about just the nature of the surge in crypto volumes in March. And I think you said April was at $10 billion. I appreciate, of course, this is very volatile class, but maybe if you can just talk about what you're seeing that drove that heavy activity in March and whether you think we could see spikes like that again? And then just the mix of crypto volumes between the EU and U.S. is maybe the EU is still very small, but just trying to get a sense of that.

也許只是停留在加密貨幣主題上，也許對傑森來說，如果你能談談三月加密貨幣交易量激增的本質。我想你說過 4 月的收入是 100 億美元。當然，我很欣賞這是一個非常不穩定的類別，但也許您能談談您所看到的推動三月份如此頻繁活動的因素以及您是否認為我們會再次看到這樣的峰值？然後，歐盟和美國之間的加密貨幣總量可能仍然很小，但只是想了解這一點。

Yes. I mean in terms of what drives crypto volumes, I think Modular, our market share gains, our crypto activity does track the broader market. And I don't really want to get into prognosticating what the crypto market is going to do. That's obviously a difficult thing for anyone to do. It's a global market. There have been ETFs approved, as you all know.

是的。我的意思是，就推動加密貨幣交易量的因素而言，我認為模組化，我們的市場份額增長，我們的加密貨幣活動確實跟踪了更廣泛的市場。我真的不想預測加密貨幣市場會發生什麼事。這顯然對任何人來說都是一件很難做到的事。這是一個全球市場。眾所周知，ETF 已經獲得批准。

And that's why we look at market share and how we're doing relative to peers because markets go up and down. But if our market share is growing throughout all conditions, then over the long run, we'll do very, very well on that side of the business. And that's kind of our approach across all of the asset classes for the active trader business. But the goal is also to diversify the business so that we're sort of like less reliant on volumes anywhere in any one category to drive business results. I think that's kind of what you're starting to see in this quarter's results is really the performance of the company across all asset classes and even across wallet share with the net deposit growth numbers.

這就是為什麼我們關注市場份額以及我們相對於同業的表現，因為市場有漲有跌。但如果我們的市場份額在所有條件下都在成長，那麼從長遠來看，我們在這方面的業務將會做得非常非常好。這就是我們針對活躍交易者業務的所有資產類別的方法。但我們的目標也是實現業務多元化，這樣我們就可以減少對任何一個類別中任何地方的銷售的依賴來推動業務成果。我認為，您在本季度的業績中開始看到的實際上是公司在所有資產類別、甚至錢包份額與淨存款增長數字方面的表現。

In terms of the mix element of your question on Europe, you're right. It's still a relatively modest contribution. The lion's share came from our U.S. Crypto business. But we like what we're seeing and tens of thousands of customers there. So we'll continue investing there.

就你關於歐洲問題的混合因素而言，你是對的。這仍然是一個相對較小的貢獻。最大的份額來自我們的美國加密業務。但我們喜歡我們所看到的以及那裡數以萬計的客戶。所以我們將繼續在那裡投資。

Next question comes from the line of Patrick Moley with Piper Sandler.

下一個問題來自 Patrick Moley 和派珀桑德勒 (Piper Sandler) 的對話。

So I just had one on index options. I see it's referenced in the deck, but I didn't hear mentioned in the prepared remarks. So are you still planning to roll out index options later this year? And then just on the economics, it's my understanding that index options are much less profitable for the brokers than multi-listed options are. So just curious if -- what your expectations are around how much of your current options trading could be cannibalized by index options? And if you do, when you do roll it out, have you given any thought to potentially charging a commission on index options?

所以我只有一份關於指數選擇權的資料。我看到它在甲板上被引用，但我沒有在準備好的評論中聽到提及。那麼您是否仍計劃在今年稍後推出指數選擇權？然後就經濟學而言，我的理解是，指數選擇權對經紀商的利潤遠低於多上市選擇權。所以只是好奇 - 您對當前的期權交易有多少會被指數期權蠶食有何期望？如果你這樣做，當你推出它時，你是否考慮過可能對指數選擇權收取佣金？

Yes. So we have announced that we're going to be launching index options. This is part of the overall goal of giving our active traders access to the best tools and the best value for their services. So index options are coming in Q4. We'll also be launching futures as we've mentioned in the past. And as with any new Robinhood product, there's 2 areas where we'd like to stand out in the broader marketplace. One is the user experience. We want to make sure that our tools are easy for active traders to use, particularly on mobile, but also on web with the new offering that's coming there. And then economics. So yes, the economics, we intend to make very, very competitive, but also profitable for the company on a segment basis. So Jason, I don't know if you want to add anything more specific there.

是的。因此，我們宣布將推出指數選擇權。這是讓我們的活躍交易者獲得最好的工具並獲得最大服務價值的整體目標的一部分。因此，指數選擇權將在第四季推出。正如我們過去提到的那樣，我們還將推出期貨。與任何新的 Robinhood 產品一樣，我們希望在更廣泛的市場中脫穎而出的兩個領域。一是使用者體驗。我們希望確保我們的工具易於活躍交易者使用，尤其是在行動裝置上，而且在即將推出的新產品網路上也能使用。然後是經濟學。所以，是的，從經濟角度來看，我們打算讓公司在細分市場上變得非常非常有競爭力，同時也能獲利。傑森，我不知道你是否想在那裡添加更具體的內容。

Yes. We're still working with the team on the pricing structure for index options. So we'll have to stay tuned there. But I agree with Vlad that we want it to be a great value for customers and also make a lot of sense for us economically.

是的。我們仍在與團隊合作研究指數選擇權的定價結構。所以我們必須繼續關注那裡。但我同意弗拉德的觀點，我們希望它為客戶帶來巨大的價值，並且在經濟上對我們來說也很有意義。

And we should note, index options trade around the clock, which is one of the reasons why they become so popular. So we don't anticipate seeing a ton of cannibalization there.

我們應該注意到，指數選擇權全天候交易，這也是它們如此受歡迎的原因之一。因此，我們預計不會出現大量的蠶食。

Our next question comes from the line of Matthew O'Neill with FT Partners.

我們的下一個問題來自 Matthew O'Neill 與 FT Partners 的對話。

A lot of good ones asked and answered already. I was wondering, though, since we are seeing such a clear inflection point in the MAUs and you gave some incremental details around the growth there from the card, both Gold and non-Gold sounds like 0.5 million each. Could you help parse maybe the rest of the monthly active user growth, even just anecdotally, like more crypto-focused or more options and equity focused?

很多好人已經提問並回答了。不過，我想知道，由於我們在 MAU 中看到瞭如此明顯的拐點，而且您提供了一些有關該卡增長的增量細節，黃金卡和非黃金卡聽起來各有 50 萬。您能否協助解析每月活躍用戶成長的其餘部分，即使只是軼事，例如更多以加密貨幣為重點或以更多選擇和股權為重點？

Yes, absolutely. There is an impact to MAUs when crypto interest surges, and we saw that in the quarter. So that's certainly a part of it. But when I look at the activity across the quarter, it was very broad-based. Equities up, options activity up, certainly Crypto, Retirement, Gold members, net deposits. And so we really saw an overall lift that was reflected in the engagement numbers that you're seeing.

是的，一點沒錯。當加密貨幣興趣激增時，會對每月活躍用戶產生影響，我們在本季就看到了這一點。所以這肯定是其中的一部分。但當我查看整個季度的活動時，發現其基礎非常廣泛。股票上漲，選擇權活動增加，當然還有加密貨幣、退休、黃金會員、淨存款。因此，我們確實看到了整體提升，這反映在您所看到的參與度數字中。

Our next question comes from the line of Ken Worthington with JPMorgan.

我們的下一個問題來自肯·沃辛頓與摩根大通的對話。

When we look at your promotions, they seem focused on gathering additional customer assets. Do you think such asset-focused promotions could endure over the intermediate term or even longer term as a business strategy? Any reasons why the competition might not either be able to or just might not follow you with promotions of their own. And as we think about other behaviors you want to target, are there others that promotions might make sense for you to target at some point in the future?

當我們查看你們的促銷活動時，他們似乎專注於收集額外的客戶資產。您認為這種以資產為中心的促銷活動可以作為一種業務策略在中期甚至更長期持續下去嗎？競爭對手可能無法或只是無法跟隨您進行自己的促銷活動的任何原因。當我們考慮您想要瞄準的其他行為時，是否還有其他可能對您在未來某個時候進行促銷的目標有意義的行為？

Yes. I can start with that. I think the first thing I should note, is we've invested in building a strong data science and product analytics capability from inception in the company. And I think that's starting to become a key differentiator now that AI is becoming more and more important. And now that we've started running these promotions. We look at it very closely. We can track them all sorts of ways across cohorts and different types of customer behavior. And we like what we're seeing.

是的。我可以從那裡開始。我認為我應該注意的第一件事是，我們從公司成立之初就投資建立了強大的數據科學和產品分析能力。我認為，隨著人工智慧變得越來越重要，這開始成為一個關鍵的差異化因素。現在我們已經開始開展這些促銷活動了。我們非常仔細地研究它。我們可以透過各種方式跨群體和不同類型的客戶行為來追蹤他們。我們喜歡我們所看到的。

I think Jason mentioned earlier in the call that for the 1% matches, we've been targeting a sub 1-year payback, and that's between 2 and 3 years for the 3% promotions. And the cohorts from 2023 have already paid back with 2024 looking good as well. So we feel really good about the offering. And you should see more creativity from the team going forward. I don't think that we've fully excavated what we can do with this capability that we've built.

我想傑森之前在電話會議中提到過，對於 1% 的匹配，我們的目標是不到 1 年的投資回收期，而對於 3% 的促銷則需要 2 到 3 年的投資回收期。 2023 年的團隊已經獲得回報，2024 年看起來也不錯。所以我們對這個產品感覺非常好。未來你應該會看到團隊更多的創造力。我認為我們還沒有完全挖掘出我們可以用我們所建立的這種能力做些什麼。

Ken, we love that we're taking share. We love that we're winning assets against the incumbents, and in terms of your question about how durable it is in the medium to longer term, I don't see any reason with our highly scalable platform and we can't continue to offer promotions like that, especially with the attractive paybacks that we're realizing.

肯，我們喜歡分享。我們很高興我們能夠在與現有企業的競爭中贏得資產，並且就您關於中長期來看它的持久性的問題而言，我認為我們的高度可擴展的平台沒有任何理由，我們無法繼續提供類似的促銷活動，尤其是我們正在實現的有吸引力的回報。

On your question about whether it's something that could be copied by competitors, I think we could all come up with a handful of reasons why it would be challenging for them, whether it's their cost structure or just their installed base and defending that through a promotion like that. But we love the promotions here at Robinhood. And again, we like that we're taking share.

關於您關於這是否可以被競爭對手複製的問題，我認為我們都可以提出一些對他們來說具有挑戰性的原因，無論是他們的成本結構還是只是他們的安裝基礎並通過促銷來捍衛這一點像那樣。但我們喜歡 Robinhood 的促銷活動。再說一遍，我們喜歡我們正在分享的東西。

Our next question comes from the line of Benjamin Budish with Barclays.

我們的下一個問題來自巴克萊銀行的本傑明·布迪什。

Just on the topic of competition, you highlighted that 25% of net transfers came from other brokerages. Can you just talk about like this customer cohort, how do they compare to your preexisting customer base? Are they coming -- are you seeing any behavior? Are they coming for the high savings rate or are they coming for the deposit bonus? Are they active traders? Are they engaging in crypto? Like any kind of characteristics of this cohort, are they similar or different from sort of like the existing customer base?

就競爭主題而言，您強調 25% 的淨轉帳來自其他經紀公司。您能簡單談談這個客戶群嗎？他們來了嗎──你看到什麼行為了嗎？他們是為了高儲蓄率還是為了存款紅利？他們是活躍的交易者嗎？他們從事加密貨幣嗎？就像這個群體的任何特徵一樣，他們與現有的客戶群相似還是不同？

They're probably more similar than different. One of the things that I'd highlight is they're coming in with average balances that are much higher than our typical historical customers. So loving the quality of the assets being brought and the activity of the customers. And it's really reflected, too, in the comments that we're making about payback periods on these promotions that we are seeing customers engage with our products in a way that generates revenue for us.

它們的相似之處可能多於不同之處。我要強調的一件事是，他們的平均餘額遠高於我們典型的歷史客戶。非常喜歡所帶來的資產的品質和客戶的活動。這也確實反映在我們對這些促銷活動的投資回收期的評論中，我們看到客戶以一種為我們創造收入的方式與我們的產品互動。

I'm showing no further questions in the queue. I would now like to turn the call back over to Vlad for closing remarks.

我在隊列中沒有顯示任何其他問題。我現在想將電話轉回給弗拉德，讓他發表結束語。

Thank you guys for all the questions. And look, we love the quarter. We love where the business is heading. I think that long term, we're really positioning Robinhood to be a generational company that will benefit from a generational wealth transfer that is only starting now from older generations to Gen X and millennials. And the goal over the long run is for all of our customers, all of their assets should be custodied at Robinhood and all of their financial transactions should go through Robinhood. And I think you're starting to see us make significant progress towards that. So thank you for being with us on the call and on the journey.

謝謝大家提出的所有問題。看，我們喜歡這個季度。我們喜歡業務的發展方向。我認為從長遠來看，我們確實將 Robinhood 定位為一家代際公司，它將受益於從老一代到 X 世代和千禧世代的世代財富轉移，這種轉移現在才剛剛開始。長期目標是，對於我們所有的客戶來說，他們的所有資產都應該由 Robinhood 託管，他們所有的金融交易都應該透過 Robinhood 進行。我認為您已經開始看到我們在這方面取得了重大進展。感謝您在通話和旅途中與我們同在。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。